Georgia Foreclosure Laws

Expected Timeline: About two months
Security Instrument: Mortgage or Deed of Trust. Deed of trust is more common.
Type of Process: Judicial or nonjudicial. Nonjudicial is more common in Georgia foreclosures.
Protections for Servicemembers: Ga. Code Ann. § 46-5-8
Time to Respond: Notice of sale must be mailed to homeowners within 15 days of auction. Additional notices in local newspaper publications may be required.
Reinstatement Period: High cost loans may be reinstated until date of auction.
Protections for High-Cost Mortgages: Georgia Fair Lending Act, Ga. Code Ann. § 7-6A-1 to 7-6A-11
Redemption Period: None.
Eviction Process: New owner may seek immediate order to evict former owners after sale.
Deficiency Judgments: Not allowed, unless court confirms property was auctioned at fair market value.
Limits on Deficiency Judgments: Sale will not be confirmed unless court is satisfied the sales price was for the true market value of the house. No deficiency is allowed unless the bank makes a request to the court and the sale is confirmed.
Cash Exempted in Bankruptcy: $5,600 for single person, $11,200 for married couple.
State Statutes: Ga. Code Ann. § 44-14-160 to 44-14-191

The Judicial Foreclosure process in Georgia is followed if the original loan documents do not contain a power of sale clause. The lender must sue the borrower in court to obtain a court order to foreclose.

The Non-Judicial Foreclosure process is followed if the original loan documents do contain a power of sale clause, authorizing the lender to sell the property in the event of a default. For four (4) consecutive weeks, notice of the sale must be published in a newspaper of general circulation in the county that the property is located in. A copy of the notice of sale must be sent by certified mail to the borrower. This must be done at least fifteen (15) days before the scheduled sale date.

In Georgia , the sale of the property is conducted on the first Tuesday of the month between 10:00 am and 4:00 pm at the place designated in the notice of sale.

The borrower does not have the right to redeem the property after the sale, and the lender can sue the borrower seeking a deficiency judgment if the sale proceeds are not enough to pay the loan balance due plus costs.

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